DETROIT -- The long wait is over. Chevrolet has taken the wraps off its next generation Corvette, which also marks the return of the Stingray name.

In a flashy Sunday night reveal, the debut of the most powerful standard edition Corvette was streamed live across the Internet.

It has an estimated 450 horsepower and 450 lb.-ft. of torque. Chevy promises 0-60 acceleration will be under four seconds but still deliver better gas mileage than the current 'Vette, which has an 26 MPG EPA estimate.

"Stingray is one of the hallowed names in automotive history," said Ed Welburn, GM vice president of global design at Sunday night's reveal. "We knew we couldn't use the Stingray name unless the new car truly lived up to the legacy. The result is a new Corvette Stingray that breaks from tradition, while remaining instantly recognizable as a Corvette the world over."

The 2014 Corvette Stingray will be once again be built at GM's Bowling Green, Ky. assembly plant. GM said it is undergoing a $131-million upgrading, including approximately $42 million for a new body shop to manufacture the aluminum frame in-house for the first time.

The 2014 Corvette Stingray coupe will go on sale in the third quarter. Pricing wasn't announced.

Coming this Saturday on First Coast Gears, we'll have a look at the Jacksonville Corvette Club and Tom Runck's 1965 Corvette convertible.